Chapter III: Discharge of liabilities.

Insufficient assets are characterised when the proceeds from the realisation of the debtor’s assets and the actions and proceedings taken in the interest of the company or the creditors are no longer sufficient to pay off the creditors, even partially.

The court clerk, no later than two months before the expiry of the time limit set by the court, pursuant to the first paragraph of Article L. 643-9, for the review of the closure of the proceedings, shall summon the debtor to attend by writ issued by a bailiff. He shall notify the liquidator and the auditors of the date of the hearing. When the fourth paragraph of the same…

The court shall rule on the closure of the proceedings on the liquidator’s report. Where applicable, the liquidator shall be appointed to carry out the mission provided for in the third paragraph of Article L. 643-9 unless a conflict of interest exists. By reasoned decision, the court may, at the request of the debtor or the Public Prosecutor, appoint another person under the conditions provided for in Article L. 812-2….

Within two months of the completion of his assignment, the liquidator shall file an end-of-assignment report under the conditions set out in Articles R. 626-39 and R. 626-40. Article R. 626-41 is applicable. When the judicial liquidator has been informed of the implementation of an administrative tax assessment procedure, he shall inform the competent public accountants by registered letter with acknowledgement of receipt at least fifteen days before the date…

A creditor whose claim has been admitted and who recovers his right of individual pursuit in accordance with Article L. 643-11 may obtain, by order of the president of the court made on application, the title provided for in V of the same article. The guarantor or co-obligor referred to in II of the same article may, under the same conditions, obtain a writ of execution upon proof of the…